A Look Back at 2011 and Highlights Going into 2012

By Michael Kelly
President of Caldera Asset Management

As we enter into a new year we look back and see if the market consensus from December 2010 actually delivered the expected impact to the apartment market in 2011. We looked at economic, political and multifamily specific factors and compared their expected results to what actually played out in the apartment market during 2011.



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When multifamily professionals hear the word HUD, the first reaction historically has been to cringe. Massive bureaucracy, no transparent decision making process and long execution periods have plagued HUD for years. However, when one looks back over the tumultuous last 4 years, HUD actually played a vital part in keeping the new apartment construction world alive.

When the financial world took a pause in the fall of 2008 after Lehman Brothers filed for bankruptcy, loans for new construction and large renovations effectively stopped; typical bank lending was nonexistent. Despite the long lead time for 221(d)(4) transactions, HUD was able to step in and ramp up its pipeline to partially fill the gap.

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